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Month: March 2017

If you spent years studying marketing, you’ve surely heard of Neil Borden’s “marketing mix.” But, if you’re brand new to marketing, you probably have no idea what this entails. Simply put, the marketing mix is the recipe that capture and promote a brand or product’s unique selling points-those things that differentiate it from it’s competitors.

The simplest way to get a grasp on this mix of factors is with The Four Ps: product, price, promotion, and place.

Product: this can either be tangible good or intangible service that fulfills a need or want of consumers. What is your product? Be sure that you have a clear grasp on what your product is and what makes it unique.

Price:How much will you sell it for? Price determinations will impact profit margins, supply, demand and market strategy.

Promotion: Now that you have a product and price, it’s time to promote it. The basic objectives of promotion are: informing, persuading, and reminding. How will you make customers aware of your product? How will you stimulate interest in your brand? How will you interact with customers to promote brand loyalty? This can be done through a variety of mediums: advertising, public relations, social media marketing, email and direct mail campaigns, and much more.

Place: Just like in real estate, a successful marketing campaign depends on location, location, location. You have the right product, at the right price..but where is the right place to put it in the hands of consumers to convert them to paying customers? For some businesses, this place could be online, in a retail location, or through direct distribution (think MLM companies).

On March 18, we will learn how to apply these four 4 P’s to your marketing plan and create a campaign for your product or service!

When creating a marketing strategy, it is vital to understand who you are going to market your products or services to. This is called your target market.

When selecting your target, the first step is to determine whether your customers are consumers or businesses and industries. You can have more than one target market, but keep in mind that there is no one product that you can sell to EVERYONE. It’s tempting to say you want to help everyone, or sell to anyone interested in your services. Even saying that you want to target small-business owners, stay-at-home moms, or homeowners casts too wide of a net. These “targets” are too general.

Just because you are targeting a specific market (let’s say, homeowners between the ages of 35-65, who make less than $100k a year), does not mean you are excluding those who do not fit your criteria. What it does mean, though, is that you are choosing to focus your marketing dollars and brand message on a specific group of people who are more likely to buy your products than other groups.

Some quick tips for defining your target:

Look at your current customer base.Who are your current customers and what do they buy more of from you?

Check your competition. Who are they targeting? Who are their current customers? (Hint: don’t go after the same market. Is there a niche you are overlooking?)

Analyze your product/service. Write out the features of your product and next to each feature, write the benefits. Then, make a list of people who have a need that those benefits fulfill.